In a recent transaction, David E. Lazar, the Chief Executive Officer of OpGen Inc (NASDAQ:OPGN), a medical laboratories services provider, has increased his investment in the company. On April 5, 2024, Lazar acquired an additional 200,000 shares of OpGen's Series E Convertible Preferred Stock at a price of $1.00 per share, amounting to a total purchase price of $200,000.
This move is part of a larger agreement that was initially established on March 25, 2024, which allows Lazar to acquire up to 3,000,000 shares of the Series E Convertible Preferred Stock. The agreement specifies that each share of this preferred stock can be converted into 24 shares of OpGen's Common Stock at any time, subject to certain ownership limitations.
The preferred shares acquired by Lazar are convertible at his option without any additional consideration and do not have an expiration date, as they are considered perpetual. Following this transaction, Lazar's ownership has increased, although the exact number of common shares he would hold after conversion was not disclosed.
Investors often monitor insider purchases as they can indicate executives' confidence in the company's future performance. Lazar's recent purchase could be seen as a positive sign for OpGen, suggesting that the CEO has a strong belief in the company's prospects.
OpGen Inc, headquartered in Rockville, Maryland, specializes in providing services for medical laboratories. The company's stock is traded on the NASDAQ under the ticker symbol OPGN.
InvestingPro Insights
OpGen Inc's CEO, David E. Lazar, has demonstrated his commitment to the company through a notable purchase of additional shares. This insider activity may be of interest to investors considering the company's current financial metrics and recent performance trends. According to InvestingPro data, OpGen has a market capitalization of approximately $9.37 million as of the last twelve months leading up to Q3 2023. Despite a challenging financial landscape, with a negative revenue growth of 7.28% during the same period, the company has experienced a significant price total return of 24.06% over the last week.
While the company's gross profit margin stands at a concerning -250.95%, OpGen has seen a remarkable price total return of 39.63% over the last month and 79.36% over the last three months, suggesting a recent upswing in investor sentiment. Additionally, the InvestingPro Tips indicate that OpGen operates with a significant debt burden and is quickly burning through cash, which could be critical factors for potential investors to consider.
For those looking to delve deeper into OpGen's performance and financial health, more InvestingPro Tips are available, offering insights such as the company's weak gross profit margins and the analysts' anticipation that the company will not be profitable this year. Interested readers can access a more comprehensive analysis for OpGen at https://www.investing.com/pro/OPGN and can take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 15 additional InvestingPro Tips listed, investors can gain a more nuanced understanding of OpGen's market position and future outlook.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.